Bill Summary
The Financial Protection for Our Military Families Act is a bill that aims to amend the Consumer Financial Protection Act of 2010. The amendment would extend the authority of the Bureau of Consumer Financial Protection to include assessing compliance with the Military Lending Act. This would give the Bureau the power to examine and enforce compliance with the Military Lending Act for insured depository institutions. This Act would provide additional financial protection for military families by ensuring that financial institutions are following the regulations outlined in the Military Lending Act.
Possible Impacts
1. This legislation could affect military families by providing greater financial protection for them against predatory lending practices.
2. It could also impact banks and other financial institutions by extending the supervisory authority of the Bureau of Consumer Financial Protection to assess their compliance with the Military Lending Act.
3. The legislation could also affect the operations and policies of insured depository institutions by requiring them to comply with the requirements of both the Consumer Financial Protection Act and the Military Lending Act.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 442 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 442
To amend the Consumer Financial Protection Act of 2010 to extend the
supervisory authority of the Bureau of Consumer Financial Protection to
include assessing compliance with the Military Lending Act.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 10, 2019
Mr. Barr introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committee on
Armed Services, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Consumer Financial Protection Act of 2010 to extend the
supervisory authority of the Bureau of Consumer Financial Protection to
include assessing compliance with the Military Lending Act.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Protection for Our
Military Families Act''.
SEC. 2. BUREAU EXAMINATION AUTHORITY WITH RESPECT TO MILITARY LENDING
ACT COMPLIANCE.
The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et
seq.) is amended--
(1) in section 1024(b)(1)(A), by inserting before the
semicolon the following: ``and section 987 of title 10, United
States Code'';
(2) in section 1025(b)(1)--
(A) by redesignating subparagraphs (B) and (C) as
subparagraphs (C) and (D), respectively; and
(B) by inserting after subparagraph (A) the
following:
``(B) with respect to insured depository
institutions, assessing compliance with the
requirements of section 987 of title 10, United States
Code;''; and
(3) in section 1026(c)(1), by inserting before the period
the following: ``and with the requirements of section 987 of
title 10, United States Code, of insured depository
institutions described in subsection (a)''.
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